SHANGHAI, Oct. 10 (SMM) – LME tin price closed at USD 20,900/mt on Thursday, September 29th, up USD 1,300/mt from the previous Thursday. LME tin stock as of September 29th was little changed at 21,165 mt.
Spot tin prices in Shanghai dropped to the weekly low of RMB 178,000/mt earlier during the week from September 26th to 30th due to plunging LME tin prices. It rebounded later with LME tin prices and climbed to RMB 180,000-183,000/mt on Thursday September 29th.
The unexpected rebound in LME tin prices lifted some domestic smelters’ selling interest, with small volumes of branded tin from Jiangxi Province seen. However, most smelters were still unwilling to move goods, market supplies therefore remained limited.
Though LME tin prices gained support on concerns that tin supply by Indonesia may decrease, market players were worrying that it may be speculation and therefore stayed cautious towards tin prices during the National Day holiday.
During the second half of the week, though the lower end of the tin price range climbed, the higher end was little changed due to weak downstream demand. The wait-and-see sentiment turned strong again among downstream enterprises as LME tin prices failed to further climb. This sentiment was also boosted by weaker demand at the current peak season compared with previous years. Meanwhile, after imported tin successively arrived at downstream enterprises, downstream demand for domestic tin was naturally eroded.